It seems that the bitcoin bulls are on holiday right now as the bears have forced bitcoin to lose $500 of its value it just minutes in an unexpected return.
If you are unaware about what’s been going on this past day, the leading cryptocurrency has once again fallen below the $10k key resistance level and is now priced at $9.9k at the time of writing.
Before we go any further, it’s worth noting that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Whilst floating around the $10.2k range, bitcoin suffered a huge loss and had lost its feet and fell under the $10k mark like it was nothing.
Now you might be thinking where we got the aforementioned $500 from. Despite now trading at $9.9k now, bitcoin fell towards the $9.6k mark earlier today.
Despite the flash crash, the popular analyst, Josh rager says he isn’t worried until the price falls below the $9.4k range.
In terms of the ‘area’ Rager is talking about, he illustrates in a chart that the next key support is at this range. So if it were to be tested by the bears, prices would more than likely see a bounce.
It will be interesting to see how this situation plays out. It will be especially interesting to see what will happen if the BTC price does end up falling below the $9.4k mark and how accurate Rager’s comment would be.
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